I hope you’re doing well and staying safe. As the vaccines start to roll out globally, everyone in business is thinking: what will be the new “new normal”?
Which consumer behavioral changes will be permanent, and which things will go back to as they always have been? While COVID-19 has created drastic change and enormous challenges, ambitious organizations also have a rare opportunity.
These opportunities come in two main categories:
Driving Internal Change. There was a joke circulating last year that ten years of CIOs, Heads of Digital, and McKinsey couldn’t do what COVID-19 did for digital transformation and process change in a year. If you need to throw out legacy systems and change working processes, now is the best opportunity.
Tackling New Markets & Channels. A significant number of businesses have had to rethink their channel strategies and even their entire core business. Making bold bets in digital channels, eCommerce, data, and automation is the answer to not only survive but thrive.
The economic recovery in the next 24 months will be K-shaped; there will be winners and losers. Organizations that were already well-positioned or have adopted modern work methodologies will be the ones that grow. Those who refuse to change or take too much time to re-position themselves in a digital-first world will have a much harder time. Speed is no longer optional.